JPMorgan Chase, the largest bank in the United States by assets, closed the third quarter of the year with a net profit of 12.898 million dollars (11.792 million euros), representing a decrease of 1.9%. compared to the profits of the same period 2023. as reported this Friday by the entity.
Revenue between July and September totaled $43.315 million (39,599 million euros), 6.5% more. This growth includes a decline of 3.1% in the retail sector, which generated 17.791 million dollars (16.265 million euros), but also an improvement of 8% in the area of investment banking after winning 17.015 million dollars (15.555 million euros).
In turn, asset management provided $5.439 million (4,972 million euros) and corporate banking 3,070 million dollars (2,807 million euros). These figures were up 8.7% and 97% year-on-year.
The provisions for unpaid debts of the credit portfolio amount to 3.111 million dollars (2.844 million euros). This represents more than double (124.8%) of the 1.384 million dollars (1.265 million euros) provisioned twelve months earlier.
At the end of the third quarter, the CET1 capital ratio was 15.3%, up one point, and assets under management increased by 22.5% to $3,904 billion (€3,569 billion). ).
In total for the first nine fiscal months, the entity made a profit of 44,466 million dollars (40,652 million euros), 10.5% more, while the turnover totaled 134,788 million dollars (123,226 million euros), 12.8% more.
Strong results from JP Morgan
“The company reported strong underlying business and financial results in the third quarter, with net income of $12.9 billion and ROTCE of 19%,” said Jamie Dimon, chairman and CEO of JPMorgan Chase.
The executive expressed concern about the geopolitical tensions and, although he celebrated falling U.S. inflation and GDP growth, he highlighted budget deficits, the need for more infrastructure, “trade restructuring,” and global remilitarization as possible threats.
JPMorgan recalled that during the second quarter, it had earned $7.9 billion (7.222 million euros) from net capital gains recorded on the sale of Visa shares.
